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• Initiate Overweight with target price of Rs 1,701
• Solid track record of scaling domestic and global opportunities as well as strong profitability
• Will continue to outpace F&B industry growth, in our view
• Also fits in well with our preference for mass discretionary names in 2024
• Over the next 3 years, expect 19% revenue CAGR sou and 23.7% EBITDA margins
• Stock looks better placed than peers, as it is trading at 57x 2025 EPS estimate
• Varun Beverages is now preferred pick in staples
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